SIA Group’s net profit climbs 4.9% YoY to $658.7m in 3Q23/24

The airline group attributed the increase to lower tax expenses, amongst others.

The Singapore Airlines Group recorded a 4.9% YoY higher net profit of $658.7m in the third quarter of financial year 2023/2024 (3Q23/24) despite a lower operating profit of $609.0m.

In a bourse filing, SIA said it was able to record a higher net profit despite a 19.3% YoY decline in operating profit due to “lower tax expense, the share of profits of associated companies against a loss last year, surplus on disposal of aircraft, spares, and spare engines, and higher net interest income.”

In 3Q23/24, the airline group also recorded a $5.1b revenue, driven by robust passenger demand.

Passenger-flown revenue for the period rose by $398.2m.